How to Get a Mortgage Loan Modification Approved

Here I sit, staring out the window and wondering how I can prevent my home from being foreclosed on. I talked to my loan officer at the bank that originally gave me my mortgage, but he seems to think I’m going to need some “outside” help. I went home and thought about how much I’d hate to lose my home just because my lender didn’t have an in-house mortgage modification assistance program. After sitting on my thumbs for a bit, I turned on my computer and went online. Quickly, I found this terrific website called Credit-yogi.com, which gave me some other options to consider.

I had no idea what the rules and regulations governing foreclosures are. Credit-yogi.com pointed them out to me. It also explained what some of the mortgage foreclosure laws are so I clearly understood them. First, I learned about a non-judicial foreclosure, which is what I am dealing with right now. Here are some of the laws pertaining to this process: A “Notice of Sale” has to be recorded in the county where my home is located. I must receive a registered mail-delivered copy of the Notice or it has to be posted in the local newspaper at least 3 weeks before the foreclosure sale. The Notice must include the time, date, and place for my foreclosure hearing, the date my mortgage was recorded, my name, and how much in default I am. My bank followed the rules. Yay.

I cannot believe how scared I am of losing my home! My house and I have gone through a lot of stuff over the years, and I’d hate to have to leave it. Continuing to read the information Credit-yogi.com was giving me, I found out about governmental home mortgage loan modification. Thank goodness for that! I was able to apply, and be approved for, HAMP, which stands for Home Affordable Modification Program. This program saved my home from being taken back by the bank. The point of HAMP was to lower my monthly mortgage payment by reducing my interest rate or giving me more time to repay the mortgage loan.

I learned about Federal National Mortgage foreclosures on Credit-yogi.com, also. Federal National Mortgage Association is a company also called Fannie Mae) that handles foreclosure sales once the property is real estate owned (REO). I found that if you want to purchase an REO home from this group you must get prequalified first. You can find the Fannie Mae foreclosure sales at its website or by chatting with a realtor.

I’m so glad I tripped upon the Credit-yogi.com website! It helped me keep my home, and I’m eternally grateful for that. If you are facing foreclosure, get a free initial consultation by calling 866-964-9644. This website really helped me; it can help you, too.